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Hello. A little woozy from all the bitcoin activity. How about stocks and bitcoin? When you look at bitcoin and you see this going like that, do you everzwijn wonder how that might affect stocks? Well, the number one stock ter the world that’s indeed tied to bitcoin is Nvidia, those graphics card that all those Chinese mining companies are using to mine bitcoin which may or may not persist. Do you everzwijn wonder if somehow Nvidia is tied to bitcoin and, if it is, if there is a trade hiding inwards that correlation? Well, let’s hop on overheen to the charts and wij’re going to take a look.
Zeerob Booker: All right. Here is a look at bitcoin and Nvidia. This has perplexed mij and interested mij for fairly some time, and I think you might find this to be pretty interesting. Look at this. Right here, you see bitcoin is right here te the … Thesis are the caf. And Nvidia are the candles right here. This is kleuter of whacked. Bitcoin is rising but Nvidia is going sideways. If bitcoin is rising but Nvidia is not, what is fascinating to mij is that Nvidia has to leap upward to catch it. Now, likewise, te the past, that relationship is held true and I would ordinarily think that it would be the switch sides. Well, it is the switch roles. If Nvidia is rising, then eventually bitcoin rises to meet it. Now, you would think it wasgoed the other way around. You would think that if bitcoin takes a big hop that zometeen on Nvidia will because there will be more request for bitcoin. And because there’s more request for bitcoin, there’s more request for mining bitcoin which means there’s more request for thesis graphics cards used for mining bitcoin.
Well, anyway, I just find that to be absolutely beautifully interesting. And, if I eyed a bitcoin rising but Nvidia falling, I would very likely buy some Nvidia. And, if I spotted bitcoin falling and Nvidia … Whatever. You get the point. That somehow thesis two things are actually somewhat correlated. Now, not spil correlated like Ford and Chrysler and blah blah blah, but still related nonetheless. Anyway, that’s not the point exactly. The point is when they are te correlation spil they are right now, eventually they come back out of correlation. Eventually, they come back. One of them starts to fall and the other then has to go after along.
I thought to myself, “Hey, self. Why don’t wij take a look at what Nvidia is doing on the longer term chart just because wij know that if one of them moves, the other one starts to stir spil well.” Check this out. A million years straks. All right. Here wij are. Are you ready for this? Wij’re going to look at the Nvidia stock on the daily chart and wij’re going to also look at the missed pivot situation. Are you ready? What? What is this? Look at the missed pivots on Nvidia. Now, if that’s not the stupidest chart you’ve everzwijn seen ter your life, I don’t know what is. This is lightly the craziest chart te the world right now.
I wasgoed shorting Nvidia back at $47. Now I close that trade at a loss. It is now trading at $198 and I’m just going to boldly make a eis that this is ridiculous and this is a good place to embark looking at this stock returning to succesnummer old missed pivots. Wij’ve got a yearly pivot below. Wij’ve got monthly pivots below. I’m not even showcasing the missed weekly pivots. This is preposterous and hideous and crazy.
I don’t know where this indeed leads us. I don’t truly know what the precies point of all this wasgoed other than to say there is a indeed interesting correlation inbetween bitcoin and Nvidia. And when one starts to budge, the other then goes after. Number two, Nvidia is at a preposterous level at this point such that it seems that it is ready … Let’s see. Wave one, two, three, maybe a fourth wave correction down to a 160, $170. It seems like it’s likely. I don’t brief stocks so I can’t truly even prove that to be true. But this is, te my opinion, the most interesting stock te the world right now if only because it’s at ludicrous levels. I will be back tomorrow and wij will go after up on this tangentially overheen the next few weeks. If you like the movie, you want to maybe even trade some of this stuff together, click the subscribe button here on YouTube which should be hovering overheen my head overheen there or like the movie and leave a comment below and I will see you ter the next one.